系族化经营与企业创新——来自集团附属上市公司的经验证据

Familized Management and Enterprise Innovation: Empirical Evidence from Group-Affiliated Listed Companies

尽管“系族企业”在资本市场上普遍存在,但与“独生子”集团企业相比,系族企业是否有更好的创新表现缺乏关注和证据。将中国集团附属上市公司划分为系族企业和“独生子”集团企业两类,检验了两类组织形式创新绩效的差异。研究发现,系族企业创新绩效显著高于“独生子”集团企业;相比国有企业,系族化经营的创新绩效优势在民营企业中更加明显;系族企业与母公司业务越相关,其创新绩效越好;集团多元化程度越高,系族企业创新绩效越差。研究表明,系族化经营促进了企业创新,结论有助于更加全面地理解系族化经营对企业创新的影响,对集团企业创新管理具有重要的实践启示。

Although familized group-affiliated enterprises are common in the capital market,there is a lack of evidence on whether their innovation performance is better than that of only-child group-affiliated enterprises.This paper divided the listed companies affiliated to the Chinese group into familized group-affiliated enterprises and only-child group-affiliated enterprises,and examined the differences in innovation performance between the two types of organizations.It is found that the innovation performance of familized group-affiliated enterprises is significantly higher than that of only-child group-affiliated enterprises,and the innovation performance advantage of the familized group affiliation is more obvious in private than in state-owned enterprises.Moreover,the more the business of a familized group-affiliated firm is related to that of its parent company,the better the innovation performance of the affiliated firm will be.Conversely,the higher the diversification of a familized group,the lower the innovation performance of its affiliated firms will be.This paper shows that the familized group affiliation promotes the innovation of the affiliated enterprise.The findings enrich the understanding of the impact of the familized group on the innovation of affiliated firms,and have important practical implications for the innovation management of the group enterprise.